๐ฌ๐ฒ๐ ๐๐ผ๐ ๐ต๐ฎ๐๐ฒ ๐ฟ๐ฒ๐ฎ๐ฑ ๐ถ๐ ๐ฟ๐ถ๐ด๐ต๐, #๐ฆ๐๐ฎ๐ฟ๐ฏ๐๐ฐ๐ธ๐ ๐๐ต๐ถ๐ฐ๐ต ๐ถ๐ ๐๐ผ๐ฟ๐น๐ฑโ๐ ๐บ๐ผ๐๐ ๐๐ฟ๐๐๐๐ฒ๐ฑ ๐ฎ๐ป๐ฑ ๐น๐ฎ๐ฟ๐ด๐ฒ๐๐ ๐ฐ๐ผ๐ณ๐ณ๐ฒ๐ฒ ๐ฏ๐ฟ๐ฎ๐ป๐ฑ๐ ๐ถ๐ป ๐๐ต๐ฒ ๐๐ผ๐ฟ๐น๐ฑ ๐ถ๐ ๐ฎ๐น๐๐ผ ๐๐ต๐ฒ ๐ฏ๐ถ๐ด๐ด๐ฒ๐๐ #๐ฏ๐ฎ๐ป๐ธ ๐ถ๐ป ๐จ๐ฆ๐, ๐ฎ๐ป โ๐จ๐ก๐ฅ๐๐๐จ๐๐๐ง๐๐โ ๐ฏ๐ฎ๐ป๐ธ ๐๐ต๐ถ๐ฐ๐ต ๐ต๐ผ๐น๐ฑ๐ ๐บ๐ผ๐ฟ๐ฒ #๐ฐ๐ฎ๐๐ต ๐ฟ๐ฒ๐๐ฒ๐ฟ๐๐ฒ๐ ๐๐ต๐ฎ๐ป ๐ด๐ฑ% ๐ผ๐ณ ๐ฎ๐น๐น ๐จ.๐ฆ. ๐ฏ๐ฎ๐ป๐ธ ๐ฟ๐ฒ๐๐ฒ๐ฟ๐๐ฒ๐ ๐ฎ๐ป๐ฑ ๐๐ต๐ฎ๐ ๐๐ผ๐ผ ๐ฎ๐ ๐๐ฒ๐ฟ๐ผ ๐ฝ๐ฒ๐ฟ๐ฐ๐ฒ๐ป๐ ๐ถ๐ป๐๐ฒ๐ฟ๐ฒ๐๐.
Interested to know more, how Starbucks popularized the use of pre-paid cards by integrating with its customer loyalty program and became the biggest UNREGULATED BANK in USA.
๐๐๐ฉโ๐จ ๐๐๐๐ค๐๐ ๐ฉ๐๐๐จ ๐๐ค๐ง ๐ฎ๐ค๐ช ๐๐จ ๐ฎ๐ค๐ช ๐ง๐๐๐ ๐ฉ๐๐๐จ ๐ฅ๐ค๐จ๐ฉ.
With the exponential growth in digital transactions Starbucks customers have also been increasingly opting to pay with their Starbucks pre-paid account instead of cash or credit cards over the years as they find it has the best loyalty program.
The customers receive additional discounts or rewards after making payments through Starbucks accounts. Many retail and restaurant chains across the Globe have followed the Starbucks rewards program as a model for their customer loyalty programs as well.
Starbucks launched its first reloadable cards on November 14, 2001 and since then Starbucksโ loyalty programs are well-loved by its large customer base.
Do you know why?
Because the Starbucks loyalty program offers ease of use and anyone can be a part of the scheme smoothly. The structure of these loyalty programs is quite simple and extremely appealing that many customers get attracted to them, making them No. 1.
Starbucks now has 24 million members with $1.6 #billion cash reserves in deposits which is more than 85% of all U.S. banks cash reserves put together in itโs unregulated bank. Interestingly, it does not even pay interest on the balances held on its app or with gift cards. Starbucks enjoys interest-free liabilities from its loyal customers. Moreover, itโs also worth your attention that most of the loyalty programsโ money (gift cards) is never fully redeemed by the customers.
There are millions of Starbucks gift cards given and received every year, which can attract new customers and make existing customersโ lives easier. Card themes range from birthdays, Diwali, Christmas to Motherโs Day and Teachersโ appreciation. Amazon, Walmart, and Starbucksโ websites all sell them, and they are a popular gift for people you donโt know very well.
Research indicates recipients rarely use the full amount , nearly 40% of 18-29-year-olds lose their gift cards before they can spend them, and around 25% of 30-64-year-olds do the same, the card issuer gets interest-free money.
As per the data available Starbucks gift cards (value $164.5 million) never got redeemed in 2020. In essence Starbucks received that money as a gift.
Now this is the power of well-structured loyalty programs like Starbucks.